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November 2010 www.condorpetroleum.com

Corporate Presentation January 2018

www.condorpetroleum.com TSX:CPI

Condor Executive Summary

A TSX-listed O&G developer with a diverse and strategically positioned asset base 100% interest in two licences in northwest Turkey

and three properties in Kazakhstan

Huge Turkish gas demand --- 98% is imported Kazakhstan properties are in the country’s most

prolific and oil-prone basin

Daily production currently 1600 boe Approximately 4 x increase from 2017 average rate Near term growth available in Turkey as CPF is

optimized and wells brought online and in Kazakhstan from drilling additional horizontal wells

High margins: with Turkish gas online the company is now cashflow positive Turkish gas sales price =$7.25/mcf+ with a very

favourable fiscal regime Kazakhstan Q4 2017 sales price of $36.55 and sales

netback@ of $31.65 per barrel

Robust upside with nearby exploration and appraisal targets

January 2018 www.condorpetroleum.com 2

Ortakoy Licences in Turkey’s Thrace Basin

Zharkamys West 1 in Kazakhstan’s Pre-Caspian Basin

+ Gross sales price, before transportation costs @ Sales netback is sales price less transportation costs and royalty expense on a per barrel basis

Condor Snapshot

3

TSX Symbol CPI

Common Shares 43.3 million

Market Capitalization+ $30 million ($.70 per share)

Cash + Cash Equivalents# $7.2 million

Borrowings US$10 million

Reserve Volumes*

(MMboe)

1P = 3.7 2P = 6.9 3P = 10.3

Capital Markets

www.condorpetroleum.com January 2018

+ All amounts in this presentation are in Canadian dollars unless otherwise stated # As at September 30, 2017 * As of December 31, 2016 --- See Reserves Advisory

Near Term Focus

Optimize and maintain Poyraz Ridge gas production and cash flows Continue identifying multiple stacked gas sands 1 – 2 infill wells planned for 2018

Mature prospects and leads to drill-ready state in Turkey Sidetrack Yak-1 to test up-dip primary targets

and deeper plays

Grow Kazakhstan oil production and cash flows Currently producing 450 bopd

2 additional horizontal wells planned for 2018

Extend Zharkamys exploration license duration Court hearing scheduled for January 31, 2018

Northwest Turkey: Ortakoy Licenses

100% WI in two production licenses Poyraz Ridge and Destan fields cover 110 km2

Extensive seismic coverage 472 km of regional 2D & full 3D over Poyraz Ridge

Discovered gas on 6 of 8 structures drilled to date 23.2 BCF of 2P reserves* at Poyraz Ridge

Sales pipeline connected into the main Turkish pipeline system 6” connecting pipeline constructed and tied into

the 36” ITGI (Interconnect Turkey-Greece-Italy)

Outstanding economics Huge regional demand for gas and reliant on

imports

Strong gas prices and netbacks Favorable fiscal regime

12.5% gas royalty 22% corporate income tax


Turkey is one of Europe’s Hubs for Natural Gas Supply

Extensive Prospect and Lead Inventory

* As of December 31, 2016 --- See Reserves Advisory

ITGI 36” Pipeline

Poyraz Ridge: Play Opening Discovery

Field Appraisal and development in a proven gas-prone hydrocarbon system Conventional thrust-fold play concept in the

early stages of value creation

Multiple stacked-pay productive intervals at shallow depths

93% methane gas with no CO2 or H2S

Inexpensive wells $1.8 MM drill and complete cost

Near field exploration potential with similar looking structures


Multiple Stacked Pay Zones

Poyraz Ridge: Development

Completing plant de-bottlenecking and well optimization activities Over 120 MMscf produced in 24 days during Dec

2017 to Jan 2018 commissioning operations

Turkish domestic gas prices remain strong at $7.25/mcf

Infill wells planned in 2018 to maintain production levels Targets include ‘attic gas’ stranded at higher

elevations on the field 1 – 2 wells planned for 2018

Evaluating options to monetize the neighboring Destan Ridge discovery

Facilities can be expanded to accommodate subsequent gas developments Other multiple “stacked” reservoir targets like Poyraz

Ridge exist within license area


Central Processing Facility

Poyraz Ridge Gas Field

Poyraz West-6

Poyraz Ridge: Central Processing Facility


Gas Processing Equipment

Utility Gas Skid Sales Gas Metering

Gas Compression

Exploitation: Re-Targeting Yakamoz 1

Yakamoz 1 well drilled in Q3 2017 encountered significant gas shows while drilling Gas shows associated with fractures Gross interval of 300 meters

New seismic calibration and mapping indicate well was drilled off-structure 120 meters of structure has been

remapped in an up-dip location

Additional potential exists in pre-Miocene, pre-Sogucak and fractured basement

$1.2 MM to sidetrack original well Includes penetrating deeper targets

Yakamoz Field is located 2 km north of Poyraz Ridge facilities and can be tied-in for ~ $1 MM


High Mud Gas Shows

Yak 1 Gas Shows

Yak 1

Yak 1 S/T (Proposed Location)

Yak-1 TD

Up-Dip & Deeper Target Potential


Yakamoz is 2 km north of Poyraz Ridge Yakamoz-1 well results: Confirmed petroleum system fairway within Ortakoy

License: new sub-thrust play trend

Confirmed basement thrust and detachment faults can be mapped below over-thrust

CMI borehole image logs confirmed presence of fractures and shear zones

Micro fractures, cross joints & faults evident in surface outcrops provide enhanced permeability

Targeting deeper Eocene reservoirs Karagaac (A), equivalent to the largest Thrace Basin

gas discovery; Ficitepe (B) & Ceylan (C) formations Potential Sogucak (carbonate) on-lap play (D)

(A) (B) (C) (D) Karagaac (E Eocene) sandstone/siltstone/shale

Ficitepe (M Eocene) sandstone / mudstone / conglomerates

Note: Quartz pebbly conglomerate

Sogucak (M-L Eocene) platform/reefal/ bioclastic carbonates

Note: Nodular bioclastic

Ceylan (L Eocene) sandstone/siltstone/shale

Note: joint systems & fractures

A B D C

Yakamoz-1 Poyraz Ridge

Kazakhstan: Zharkamys West 1

Located in the Pre-Caspian Basin 46 Billion boe discovered*

Super-giant fields in Pre-Caspian Basin include* Kashagan:13 B bbls; Tengiz: 9 B bbls; Zhanazhol: 1 B bbls

Pursuing multiple proven geologic play-types Seven play-types already identified from 650 to 7000 meters

3777 km2 block (933,000 acres) 100% working interest

Exploration period expired in December 2016 Court proceedings are underway in an attempt to extend

the license duration

3 oil discoveries so far KN-E, Shoba, Taskuduk

Extensive seismic data set acquired 2532 km2 3D has successfully imaged Pre-Salt and Intra-Salt

(Primary Basin) targets


Pre-Caspian Basin

Zharkamys West 1 and Surrounding Fields

* Readers are cautioned that regional oil and gas resource and reserve volumes are sourced from industry and company websites and may not be NI 51-101 compliant

Phased Strategy in Kazakhstan

Phase 1: Discovered shallow oil fields Acquired extensive 3D seismic Drilled shallow, inexpensive wells to calibrate

seismic and initiate export sales Shoba, Taskuduk in commercial production

Phase 2: Pursuing Break-out Intra-Salt (‘Primary Basin’) play Confirmed hydrocarbon source, migration, trap

seal and reservoir with KN-E discovery Both Primary Basin targets drilled have

encountered over-pressured hydrocarbons

Phase 3: Leverage into highest

impact, Pre-Salt prospects Apply Primary Basin geological and operational

learnings


Lower Permian

Jurassic

Cretaceous

Carboniferous

Mid Devonian

Pre-Salt

Modern 3D Seismic Images Multiple Exploration Plays

Phas

e 1

650

– 20

00 m

Ph

ase

2 20

00 –

500

0 m

Ph

ase

3 50

00 –

700

0 m

Lower Permian Kungurian Salt

Salt Flank

Primary Basin

Sub-Canopy

Post-Canopy

Horn

L. – Mid Triassic

Upper Permian

Monetizing Shallow Oil Discoveries


Commercial production is continuing at Shoba and Taskuduk 340 – 390 API oil at reservoir depths of 750 to

1100 meters

Q4 2017 sales price of $36.55 and sales netback@ of $31.65 per barrel

Shoba horizontal wells are performing as predicted Currently producing 450 bopd

First shallow horizontal wells drilled in the Pre-Caspian basin

First wells in Kazakhstan to utilize inflow control devices to minimize coning

Two additional horizontal wells are expected to increase production to 800 -1000 barrels per day* Estimating $1.5 MM per well to drill and complete

Shoba Horizontal vs Vertical Well Performance

Sh-10 and Sh-11 Horizontal Wells

Vertical Wells

Shoba Gauging Station

@ Sales netback is sales price less transportation costs and royalty expense on a per barrel basis * Internal Company estimate --- See Reserves Advisory

Building on Primary Basin Results

2 Primary Basin targets drilled at Zharkamys Both encountered over-pressured hydrocarbons 410 API light oil at the KN-E wells

Numerous gas shows at KN-501 Both wells confirmed hydrocarbon source,

migration, trap and seal are working Calibrated 3D seismic to the geological age of

Primary Basin sediments

Sediments that are a certain geological age are key to Primary Basin commercial success

Confirmed geologic model accuracy and ability to predict sedimentary packages

KN-501 target was fully encapsulated in salt before younger, coarser-grained sediments were deposited


The KN-501 was drilled to 3,992 meters for $7.7 MM, penetrating a massive 2,810 meter salt section without incident

Recently Drilled Primary Basin Wells KN-E Wells KN-501

3992 m

1600 m

1876m

Kiyaktysai Salt Dome

8 km

28

10

m

Sal

t S

ecti

on

KN-501’s older, fine-grained Ufimian sediments were not of sufficient size to generate reservoir quality rock

Subsequent wells are targeting younger, coarser-grained sediments, like the Kazanian sediments drilled at KN-E

Refining the Primary Basin Portfolio

Drill-ready Korumbet NW prospect 3850 meter well with estimated $6.5 MM drill cost Targeting a thicker Kazanian sedimentary package

similar KN-E-201, where oil was discovered Thicker packages increase probability of

encountering coarser grained sediments


Korumbet NW Prospect

Salt

Primary Basin

Mini- Basin

Target Zone: Age equivalent to KNE Discovery

Pre-Salt

Oil discovered in Sandstone Reservoirs

Thin Kazanian Section

Korumbet NW Prospect

KN-E-201

KN-501

Base Canopy

Salt

Ufimian

Kazanian

Stratigraphic Thickness 2625 m 3842 m 3715 m

Thick Kazanian Section

Leveraging Pre-Salt Upside Potential

Proven Pre-Salt plays in Pre-Caspian Basin are evident at Zharkamys Regional analysis demonstrates continuity of plays

across block

Numerous recent discoveries Pre-Salt is the oil source for shallower post salt and

Primary Basin discoveries

Condor’s velocity model is accurately predicting sedimentary interfaces, indicating Pre-Salt structures exist as mapped Model validated by recently drilled Primary Basin wells

KN-501 results support drilling costs ranging from $21 MM to $25 MM for a 6500 meter well Earlier estimates were much higher due to perceived

issues with drilling massive salt sections


Basement

Post-Salt Mini

Basin

Post-Salt Mini

Basin

Pre-Salt

Pre-Salt Target 5700 – 6500 m

Eb-401: 3D seismic indicates favorable 4-way trap and reservoir development

Ebeity Salt Dome

50

00

m

Sal

t S

ecti

on

Near Term Focus and Catalysts

Maintain Poyraz Ridge gas production and cash flows In-fill wells to mitigate natural decline rates Monetize the neighboring Destan Ridge

discovery

Mature leads surrounding Poyraz Ridge to drill-ready state Sidetracking alternatives for Yakamoz 1 are

being advanced

Deeper potential

Grow Kazakhstan oil production 2 additional horizontal wells planned for

2018

Extend the Zharkamys exploration license duration

January 2018 www.condorpetroleum.com

Poyraz Ridge is Producing as Designed

* See Reserves Advisory

16

November 2010 www.condorpetroleum.com

Appendix – Additional Information

Reserve Volumes


Gross Company reserves as of December 31, 2016 See Reserves Advisory

Kazakhstan Turkey Total

(in Mboe) Oil Mbbls

Gas MMCF

Gas Mboe

Mboe

Proved 1,569 12,534 2,089 3,658 Probable 1,433 10,646 1,774 3,207 Proved plus Probable 3,003 23,180 3,863 6,865 Possible 1,380 12,256 2,043 3,423

Proved plus Probable plus Possible 4,383 35,436 5,906 10,288

Reserve Values


Gross Company reserves as of December 31, 2016 See Reserves Advisory

Total Volume (Mboe)

NPV10 After Tax (US$MM)

NPV10 After Tax (CA$MM)#

Proved 3,658 27.7 36.0 Probable 3,207 35.3 45.9 Proved plus Probable 6,865 63.0 81.9 Possible 3,423 40.8 53.0

Proved plus Probable plus Possible 10,288 103.8 134.9

# Using an exchange rate of 1.30 CAD/US$

Turkish Regional Considerations

Strategic geographic location Turkey controls the Bosphorus shipping

channels between the Mediterranean and Black Seas

Major energy transit hub at the intersection of Europe, Asia and the Middle East

Multiple natural gas pipelines transect the country and new pipelines are in the planning or development phases (TurkStream and TANAP)

Ortakoy licenses are ~ 2000 km west of the Iranian border


Ortakoy Licenses are Located in Northwest Turkey

Located in the ‘European’ region of Turkey Proximal to emerging giant gas developments in the Eastern Mediterranean

Optimally positioned for consideration as gas storage site as they are near the industrial heartland of Istanbul

Turkish gas markets Turkey imports 98% of its natural gas State-owned “Botas” owns and operates the extensive national pipeline grid

Company CPF is tied into the 36” ITGI gas pipeline via 6” gas sales pipeline

Kazakhstan Oil and Gas Sector

www.condorpetroleum.com 21

Oil production has tripled since 1991 independence to over 1.6 MM bopd

Broad participation from foreign investment Super Majors and Majors, NOCs, Juniors

Politically stable with attractive fiscal terms (royalty / tax)

Ongoing investment has established export routes to Russia, Europe and China

Source: Rystad Energy 2014

Top 10 Resource Holders in Kazakhstan

Kazakhstan Production Growth

Top 10 Producers in Kazakhstan

January 2018

Established Oil and Gas Pipeline Networks

22 www.condorpetroleum.com January 2018

Multiple Existing Export Routes

www.condorpetroleum.com 23

Multiple existing routes are accessible for exporting to Russia, Europe and China Atyrau to Samara to Novorossiysk / Odessa / European markets Kenkiyak to Alashankou to China

Aktau Port to Baku / Mahachkala / Neka via the Caspian Sea

Expansion of existing export infrastructure and export routing is also underway

January 2018

3D Seismic Imaging Techniques Identifying Primary Basin and Pre-Salt Potential


Depth Migration produces superior imaging: Primary Basin play not imaged by 2D Enhanced definition and positioning of Pre-Salt

structure/stratigraphy Salt flank plays clearly visible

Condor’s exploration 3D acquisition design and processing: High fold (160 versus 12-60 typical in Kazakhstan) Increased source density

Long offsets and wide azimuths Unique geologic velocity model

Same location of a 2D and 3D seismic line

Salt Flank

Primary Basin

Pre-Salt

Primary Basin

Pre-Salt

Salt Flank

2D Pre-Stack Time Migration 3D Pre-Stack Depth Migration

Salt Dome Salt Dome

Condor’s Leadership Team

25

Successful track record of capturing opportunities and executing developments

Don Streu - President, CEO & Director Former Chevron

Sandy Quilty – VP Finance & CFO Former Arawak, FIOC, BJ Services, PwC

Bill Hatcher – Chief Operating Officer Former Chevron, Nelson, Burren

Norman Storm – Managing Director (Kz) Former Director Osisko Mining

Blair Anderson – VP Corporate Development Former Marsa, Verenex, Aventura

Board of Directors Management


Sean Roosen – Chairman Chairman and CEO Osisko Gold Royalties

Edward Bogle – Lead Director Former Nexen Chief Strategic Officer and Talisman EVP

Dennis Balderston Independent Businessman, Former Partner at E&Y

Walter Dawson President and CEO Perfco Investments International

Stefan Kaltenbach CEO Orangedental, Forstgarten Holding

Werner Zoellner Founder Patrimonium Private Equity

Management Biographies

26

Don Streu President & CEO

Mr. Streu has over 30 years experience in the oil and gas industry including 22 years with Chevron working in Angola, Indonesia, Nigeria, Canada and the United States. Mr. Streu was the asset manager of Angola’s first deepwater production: a 100,000 bopd operation that went from discovery to first oil in only 30 months. As Chevron Indonesia’s Planning Manager, Mr. Streu was responsible for developing strategic and tactical plans for an organization producing in excess of 350,000 bopd. Mr. Streu was also the Asset Manager for Chevron Nigeria Limited, managing the entire offshore production of 250,000 bopd. Mr. Streu has been the President and Chief Executive Officer of Condor since September 2008.

Sandy Quilty VP Finance & CFO

Mr. Quilty is a Chartered Accountant with over 25 years experience in the international oil and gas industry working for exploration and production companies and service enterprises in Canada, Russia, China and over 15 years in Kazakhstan. Mr. Quilty articled at Pricewaterhouse and was previously Vice President of Finance at Arawak Energy Corporation, CFO at Altius Energy Corporation and Finance and Accounting Manager at Fracmaster/BJ Services.

Bill Hatcher COO

Mr. Hatcher has over 30 years of international and North American experience in the upstream industry. Mr. Hatcher’s international experience includes roles in Kazakhstan, Nigeria, Turkmenistan and Trinidad. Mr. Hatcher has worked with both major and independent oil producers including, most recently, a founder and Technical Director for Bayfield Energy Limited. Previously, Mr. Hatcher served as General Manager of Operations for Burren Energy plc in Turkmenistan and Operations Manager for Nelson Resources Limited in Kazakhstan. Mr. Hatcher holds a Bachelor of Science in Petroleum Engineering from the University of Southern California.


Management Biographies

27 www.condorpetroleum.com

Norman Storm Managing Director

Mr. Storm has worked in Kazakhstan for over 22 years and has been involved in a wide array of business activities, including oil and gas exploration and production, oil field services, domestic and international transportation services, and manufacturing. Mr. Storm has provided transportation and oilfield services to many of the region’s major resource projects including Kashagan, Tengizchevroil, Karachaganak, Petro-Kazakhstan and Temir in Kazakhstan and the Kumtor mine in Kyrgyzstan. Mr. Storm was a principal in the first international transportation service company operating in Kazakhstan which was also the founding member of KAZATO, the IRU’s (Switzerland) customs bonding agency for road transportation in Kazakhstan and was the co-founder of a joint venture which constructed two of the first western technology based manufacturing plants in Kazakhstan.

Blair Anderson VP Corporate Development

Mr. Anderson, formerly President and CEO of Marsa Energy Inc, has more than 35 years of international and domestic/frontier exploration and development experience. Prior to Marsa, Mr. Anderson was the Exploration Manager and co-Founder of Verenex Energy Inc. which was sold to the Libyan Investment Agency in 2009. Verenex was recognized as the most successful international E&P company to enter Libya since the opening of the country to foreign investment in 2004. Mr. Anderson also served as Exploration Manager with Aventura Energy Inc. who in 2001 made the largest onshore oil and gas discovery in Trinidad in almost 40 years. Mr. Anderson has held numerous senior technical and managerial positions with Suncor Energy, Encor (Talisman) Energy, Natomas International, Hudbay Oil (Indonesia), Hudbay Oil (Australia) and Hudson’s Bay Oil and Gas Co Ltd. He has worked and lived in Asia, Australia, Australasia, South America, Africa, Europe and the Middle East. Mr. Anderson holds a BSc (Honors) degree in Geology from the University of Manitoba.

January 2018

Forward Looking Statements

January 2018 28

Certain statements contained in this presentation constitute forward looking statements. These statements may relate to future events or Condor’s future performance. All statements other than statements of historical fact are forward looking statements. The use of any of the words “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “should”, “believe”, “predict” and “potential” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. No assurance can be given that these expectations will prove to be correct and such forward looking statements included in this presentation should not be unduly relied upon. These statements speak only as of the date of this presentation. In addition, this presentation may contain forward looking statements and forward looking information attributed to third party industry sources. Without limitation, this presentation contains forward looking statements pertaining to the following: the timing and ability to generate and grow future cash flows; the estimated working capital; the timing and ability to bring future discoveries into commercial production; the timing and ability to obtain various approvals and conduct the Company’s planned exploration and development activities; the expectations, timing, ability and costs of exploration, appraisal, development and construction activities; the ability of the drilled wells to become future gas producing wells; the timing and ability to fund future development and exploration activities; the timing and ability to access domestic and export oil and gas pipelines and sales markets; the timing and ability to mature prospects and leads into drill ready targets; the timing and ability to bring additional wells online, optimize the wells and facilities and to expand the current production facilities; the timing and ability to increase production; historical flow rates and historical production rates may not represent future production rates; historical sales prices and costs may not represent future sale prices and costs; uncertainty regarding the Company’s future legal rights to have the Zharkamys West 1 license extended and the ongoing court proceedings; the timing of and ability to maintain the Zharkamys West 1 license; the ability to validate the petroleum system, confirm that basement thrust and detachment faults can be mapped below over-thrust and the prospectivity of the Yakamoz structure; the repeatability of Poyraz Ridge; the ability to confirm hydrocarbon source, migration, trap and seal; the ability to calibrate 3D seismic to the geological age of sediments; the ability to confirm the geologic model accuracy and to predict sedimentary packages and interfaces; making further discoveries and developing these discoveries; and treatment under governmental regulatory regimes and tax laws. With respect to forward looking statements and forward looking information contained in this presentation, assumptions have been made regarding, among other things: the ability to obtain qualified staff and equipment in a timely and cost efficient manner; the regulatory framework governing royalties, taxes and environmental matters; the ability to market crude oil, natural gas and NGL production; the applicability of technologies for recovery and production of oil, natural gas and NGL reserves; the recoverability of crude oil, natural gas and NGL reserves; future development plans for Condor’s assets proceeding substantially as currently envisioned; future capital expenditures; future cash flows from production meeting the expectations stated herein; future debt levels; operating costs; the geography of the areas of exploration; the impact of increasing competition; and the ability to obtain financing on acceptable terms.

www.condorpetroleum.com

Forward Looking Statements

January 2018 29

Actual results could differ materially from those anticipated in these forward looking statements as a result of the risk factors set forth below and as discussed in greater detail in filings made by Condor with Canadian securities regulatory authorities including the Company’s Annual Information Form including, but not limited to: regulatory changes and the timing of regulatory approvals; general economic, market and business conditions; volatility in market prices for crude oil, natural gas and NGLs and marketing and hedging activities related thereto; risks related to the exploration, development and production of crude oil, natural gas and NGL reserves; the historical composition and quality of crude oil, natural gas and NGL may not be indicative of future composition and quality; risks inherent in Condor’s international operations including security, regulatory and legal risks; risks related to the timing of completion of Condor’s projects; competition for, among other things, capital, the acquisition of resources and skilled personnel; actions by governmental authorities including changes to government regulations and taxation; environmental risks and hazards; failure to accurately estimate abandonment and reclamation costs; failure of third parties’ reviews, reports and projections to be accurate; the availability of capital on acceptable terms; political and security risks; the failure of Condor or the holder of certain licenses or leases to meet specific requirements of such licenses or leases; adverse claims made in respect of Condor’s properties or assets; failure to engage or retain key personnel; potential losses which could result from disruptions in production, including work stoppages or other labour difficulties, or disruptions in the transportation network on which Condor relies to transport crude oil, natural gas and NGLs; uncertainties inherent in estimating quantities of crude oil, natural gas and NGL reserves; failure to acquire or develop replacement reserves; geological, technical, drilling and processing problems, including the availability of equipment and access to properties; failure by counterparties to make payments or perform their operational or other obligations to Condor in compliance with the terms of contractual arrangements; current or future financial conditions, including fluctuations in interest rates, foreign exchange rates, inflation, commodity prices, and stock market volatility; disruption of production or production not occurring in sufficient quantities; reliance on third parties to execute Condor’s strategy; and increasing regulations affecting Condor’s future operations. The forward looking statements included in this presentation are expressly qualified by this cautionary statement and are made as of the date of this presentation. Condor does not undertake any obligation to publicly update or revise any forward looking statements except as required by applicable securities laws.


Reserves Advisory

January 2018 30

This presentation includes information pertaining to the Evaluation of Crude Oil and Natural Gas for the Kazakhstan and Turkey properties based on forecast prices and costs as of December 31, 2016 prepared by independent reserves evaluators McDaniel & Associates Consultants Ltd. which were prepared by qualified reserves evaluators in accordance with NI 51-101. Statements relating to reserves are deemed to be forward looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated. The reserve estimates described herein are estimates only. The actual reserves may be greater or less than those calculated. Estimates with respect to reserves that may be developed and produced in the future are often based upon volumetric calculations, probabilistic methods and analogy to similar types of reserves, rather than upon actual production history. Estimates based on these methods generally are less reliable than those based on actual production history. Subsequent evaluation of the same reserves based upon production history will result in variations, which may be material, in the estimated reserves.

References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (mcf) of gas to one barrel (bbl) of oil based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf to 1 bbl, utilizing a conversion ratio at 6 Mcf to1 bbl may be misleading as an indication of value, particularly if used in isolation. "Proved" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated Proved reserves. "Probable" reserves are those additional reserves that are less certain to be recovered than Proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated Proved plus Probable reserves. "Possible" reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is a 10 percent probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated Proved plus Probable plus Possible reserves.


Abbreviations

January 2018 31

km kilometer km2 square kilometer M thousand MM million B billion bbl barrels boe barrel of oil equivalent bopd barrels of oil per day boepd barrels of oil equivalent per day cf cubic feet mcf thousand cubic feet scf standard cubic feet TD total depth d day % percent 1P Proved reserves 2P Proved plus Probable reserves 3P Proved plus Probable plus Possible reserves NGL natural gas liquids NPV net present value Q quarter 2D two dimensional 3D three dimensional 0 degrees API American Petroleum Institute US$ United States dollars CA$ Canadian dollars / per “ inch CEO Chief Executive Officer CFO Chief Financial Officer COO Chief Operating Officer VP Vice President WI Working Interest Jan January Dec December


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